Coinbase has been one of the most popular crypto exchanges in the US for a long time. It is extremely easy to use, and offers a decent range of 160+ cryptocurrencies. However, it was not really suited for the Australian market, and couldn't compete with the best crypto exchanges in Australia. The main reasons for this was the high debit card fees (the only payment method available in Australia), the inability to sell crypto, and no AUD withdrawals.
The good news is that Coinbase has now added new features for Australian users, which make it a much more user-friendly exchange. In an announcement from Coinbase's Managing Director, Nana Murugesan, he stated that Australians are "some of the world's earliest adopters of digital currencies", and “savvy investors.” He also describes Australia as a "hotbed of fintech innovation", and therefore wanted to enhance their product offering to Australian residents.
Coinbase introduces PayID for Australians
The introduction of PayID means that Australians can now easily transfer AUD to Coinbase, and also withdraw money from any crypto sales directly to their bank account. Not only can users save on currency conversion fees, as well as the high debit card fee, but now Australians can sell their crypto and withdraw their money. While this might seem like a feature that should be present on all crypto exchanges, surprisingly it was not available on Coinbase in Australia until the recent update.
Coinbase provides 24/7 live chat support in Australia
While Coinbase is built as a user-friendly platform, beginners may still find that they have lots of unanswered questions. Coinbase now offers round-the-clock customer support via live chat to Australians, so you can always get assistance with your issues.
Coinbase is offering Retail Advanced Trading
This addition means that Coinbase customers can now access low, volume-based pricing, as well as powerful tools with a unified balance. This positions the exchange as a serious competitor against the top global cryptocurrency trading platforms, and not merely a buy and sell exchange for new investors.
To ensure it meets all the relevant regulations in Australia, Coinbase has been incorporated as a local entity (Coinbase Australia Pty Ltd) and obtained registration and enrolment with AUSTRAC (Australian Transaction Reports and Analysis Centre) to provide digital currency exchange services. Coinbase is dedicated to collaborating with the Australian government to continue promoting economic freedom and empower users.
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